PTPTN records RM17.39bil in deposit receipts as at December 2023, says chairman

KUALA LUMPUR: The National Higher Education Fund Corporation (PTPTN), through the National Education Savings Scheme (Simpan SSPN), has successfully recorded RM17.39bil in deposit receipts as of December 2023, with 6.25 million accounts recorded since the scheme was introduced in 2004.

PTPTN chairman Datuk Norliza Abdul Rahim in a statement Thursday (March 14) said that this remarkable achievement proves PTPTN's efforts to transform the mindset of the community to cultivate savings practices, thereby avoiding dependence on loans, had been well received.

The statement also said that as of December 2023, the agency had assisted a total of 3.95 million students through the disbursement of study loans totalling RM71.32bil, with repayments received amounting to RM2.91bil, an increase of RM144.37 million or 5.21% compared to 2022.

Meanwhile, in line with digital transformation, PTPTN is committed to enhancing the myPTPTN application to improve service quality for its customers, and as of Dec 31, 2023, more than 1.1 million customers had registered as myPTPTN users.

"The year 2023 demonstrates PTPTN’s comprehensive efforts in delivering end-to-end digital services to its customers. The myPTPTN application will provide space and opportunities for the public to access PTPTN services anytime and anywhere seamlessly, quickly, and safely,” the statement read.

PTPTN also shared its success in receiving awards and recognition for its excellent performance last year, including the PayNet Special Award for the 100% Digital Payment Usage Rate category through the Cashless Boleh Campaign in collaboration with the Ministry of Finance, the PA&MA Choice Award for Best New Generation Savings Institution, as well as Most Effective Use of Integrated Media (Astro); and Most Creative Government Sector/Non-Profit Marketing (Astro) awards.

The statement said, throughout last year, the agency actively collaborated with public and private agencies, including the Sabah state government through the Bakti, Budi and Bistari programmes; strategic cooperation with the Malaysian Armed Forces (MAF) Veterans Foundation through the MAF Veterans' Children Savings Incentive Programme and the Dermasiswa Programme.

"Additionally, 18 ministries and four federal and state government agencies also gave away their Excellent Service Award incentives in the form of Simpan SSPN accounts,” it said.

To increase loan repayment collections, PTPTN announced various collaborations, including through a Memorandum of Understanding with the Federal Territories Islamic Religious Council for the Education Loan Settlement Assistance Scheme.

"Collaborations were also established with the Sarawak state government through the Sarawak Foundation, in addition to strategic cooperation with the Pahang Council of Islamic Religious and Malay Customs (MUIP) for the repayment incentive for asnaf children receiving MUIP monthly assistance,” the statement added.

PTPTN also announced the implementation of higher education endowments as one of the initiatives to diversify funding sources for higher education financing by signing a Memorandum of Agreement with the Malaysian Waqf Foundation on Feb 22 last year to ensure effective and efficient management and distribution of PTPTN Cash Waqf. - Bernama

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